As you know the Swiss gold referendum was defeated this Sunday, along with all the other initiatives issues like tax reform and immigration.

The metals bears were licking their chops and counting their chickens, and gold and silver both opened sharply lower in overnight futures trading.  At one point silver broke the 15 handle and gold was testing 1150.

The usual suspects, the metal perma-bear squirrels and shills, were exuberant over the folly of those wretched, foolish creatures, the goldbugs, which is anyone who might be long gold.   Not to be confused with the new situation comedy called The Goldbergs which by the way is hilarious.  

Even though spokespeople who work for companies that sell gold and related gold service like to deride those damn goldbugs and the yellow dawg whenever they have an opportunity like this.  By the way, whatever happened to Kitco's Jon Nadler? 

Well, that is how it is when the metals are down and things are at their darkest.  I turned off the terminal and wrote it all off to the usual antics.  I had added gold longs on the weakness last week late, some silver, and went into the Friday close buying volatility and shorting the Russell 2000.

Getting up early I had to drive in to the city to pick up some visiting relatives who had been on a little vacation, and so I missed all the action this morning. 

When I came back home I was trying to brace myself for what the markets would show.  And as I flipped on the television, Bloomberg TV was talking about the gold market slumping down over fifty dollars. 

And then my trading terminal finally booted up and I had a pleasant surprise.  I wrote about that intraday here.

The bears had come marching in last night like miles gloriosus, but were going out in the afternoon like the Italian army pursued by George S. Patton. What a reversal.   What the heck happened.  Gold was up about seventy dollars off the overnight lows, and silver was screaming higher with a seventeen percent gain.